MicroSectors FANG & Innovation -3x Inverse Leveraged ETN (BERZ) 424B Filings

Bank of Montreal is issuing US$380,000 of Senior Medium-Term Notes, Series K, that are step down autocallable barrier notes with step up call amounts due February 14, 2028, linked to the common stock of ServiceNow, Inc. (ticker "NOW"). The Initial Level is $103.87, with a Call Level at 100% of that level and a Trigger Level at 70%, or $72.71.

Beginning February 16, 2027, the notes are automatically redeemed if the stock closes at or above the Call Level on an Observation Date, paying principal plus a fixed Call Amount; these Call Amounts equate to an approximate 21.40% per annum return. If never called and the Final Level is below the Trigger Level, investors are exposed to downside, receiving shares (or cash) based on a Physical Delivery Amount that is less than principal. The estimated initial value is $970.08 per $1,000, with a 1.85% agent’s commission and 98.15% proceeds to Bank of Montreal.

Bank of Montreal is offering US$307,000 of Senior Medium-Term Notes, Series K, Autocallable Barrier Notes with Memory Coupons due August 12, 2027, linked to the Class A common stock of Robinhood Markets, Inc.

The notes pay a contingent coupon of 1.50% per month (approximately 18.00% per annum) when the Robinhood share price on an observation date is at or above the coupon barrier of $43.28, which is 50.00% of the initial level of $86.56. Missed coupons can be paid later under the memory feature. Beginning August 7, 2026, the notes are automatically redeemed if the share price exceeds the initial level, returning principal plus any due coupons. If not redeemed and the final level is below the $43.28 trigger, investors receive $1,000 plus $1,000 times the percentage change in the share, which can reduce principal to zero. The estimated initial value is $945.66 per $1,000 in principal amount.

Bank of Montreal is issuing $9,000,000 of Series K senior medium-term notes, fixed at 4.45% per annum, due February 12, 2031. Each note has a $1,000 principal amount and pays interest in cash in U.S. dollars.

Interest is paid semi-annually on February 12 and August 12, starting August 12, 2026, using a 30/360 day-count. The notes are callable at 100% of principal plus accrued interest, in whole only, on February 12 and August 12 from 2028 through August 12, 2030.

The notes are unsecured obligations of Bank of Montreal, are bail-inable under the Canada Deposit Insurance Corporation Act, and are not insured by U.S. or Canadian deposit insurance. They will not be listed on any securities exchange, and a secondary market is not assured.

Bank of Montreal is offering unsecured S&P 500® Index-linked notes that pay no interest and are designed to be held to maturity. The term is expected to be between 27 and 30 months.

At maturity, for each $1,000 note, investors receive either a fixed threshold settlement amount, expected to be between $1,164.10 and $1,193.00, if the S&P 500® final level is at or above 85.00% of its initial level, or a reduced amount if it is below that threshold. Below 85.00%, the payout decreases by approximately 1.1765% of principal for every 1% the index finishes under the threshold, and investors can lose some or all principal.

The notes will not be listed on any exchange and their value before maturity will depend on market factors and Bank of Montreal’s credit. The estimated initial value is expected to be between $969.00 and $999.00 per $1,000 note, less than the original issue price.

Bank of Montreal is offering unsecured, structured notes linked to the iShares® Emerging Markets ex China ETF. The notes pay no interest and are meant to be held to maturity, expected about 17–20 months after the trade date.

At maturity, if the ETF has risen, investors receive principal plus 125% of the ETF’s gain, but only up to a maximum settlement amount expected in the $1,255.125–$1,299.375 range per $1,000. If the ETF has fallen, repayment is reduced one-for-one with the decline and can fall to zero, so all principal is at risk.

The notes will not be listed on an exchange. The estimated initial value is expected between $953.90 and $983.90 per $1,000, below the issue price, reflecting dealer fees and hedging costs. All payments depend on Bank of Montreal’s credit, and the tax treatment is complex and uncertain for both U.S. and non-U.S. investors.

Bank of Montreal is issuing $2,000,000 of Senior Medium-Term Notes, Series K, fixed-rate notes due February 12, 2031. The notes pay 4.50% per annum, with interest paid semi-annually each February 12 and August 12, starting August 12, 2026.

The notes are issued in $1,000 denominations and may be redeemed by Bank of Montreal at 100% of principal plus accrued interest on optional redemption dates every February 12 and August 12 from 2027 through August 12, 2030. If not redeemed, investors receive $1,000 per note at maturity plus accrued interest.

The notes are unsecured, subject to Bank of Montreal’s credit risk, are bail-inable under the Canada Deposit Insurance Corporation Act, are not insured by U.S. or Canadian deposit insurers, and will not be listed on any securities exchange. Bank of Montreal receives $1,987,000 in proceeds after a $13,000 underwriting discount.

Bank of Montreal is offering $2,000,000 of Senior Medium-Term Notes, Series K, due February 12, 2031. The notes pay fixed interest of 4.60% per year, with semi-annual payments each February 12 and August 12, starting August 12, 2026.

The notes are callable at 100% of principal plus accrued interest, in whole but not in part, on each February 12 and August 12 from February 12, 2027 through August 12, 2030. They are unsecured obligations, not listed on any exchange, and subject to Canadian bail-in powers, meaning they can be converted into common shares or written off under the CDIC regime.

Each note has a $1,000 denomination. The original issue price is $1,000 per note, including a $3.50 underwriting discount, resulting in $1,993,000 in proceeds to Bank of Montreal. Investors face credit risk, potential call risk, limited or no secondary market, and dealer conflicts of interest related to underwriting and hedging profits.

Bank of Montreal is offering $2,000,000 of Senior Medium-Term Notes, Series K, fixed-rate notes due February 12, 2029. Each note has a $1,000 principal amount and pays 4.10% interest per year, with semi-annual payments on February 12 and August 12 starting August 12, 2026.

The notes can be redeemed by Bank of Montreal at par plus accrued interest, in whole but not in part, on specified optional redemption dates from February 12, 2027 through August 12, 2028. They are unsecured, not insured by any deposit insurer, and will not be listed on any securities exchange, so liquidity may be limited.

The notes are designated as bail-inable under the Canada Deposit Insurance Corporation Act, meaning they may be converted into Bank of Montreal common shares or varied or extinguished if Canadian resolution powers are exercised. The original issue price is $1,000 per note, with a $3 underwriting discount and $997 in proceeds to Bank of Montreal.

Bank of Montreal is issuing $9,550,000 of S&P 500® Index-linked notes that do not pay interest and are designed to be held to May 17, 2028. The notes’ payoff depends on the S&P 500 level on May 15, 2028 versus the initial level of 6,964.82.

If the index finish is at or above the threshold level of 5,920.097 (85.00% of the initial level), investors receive a fixed threshold settlement amount of $1,185.90 per $1,000 note, capping upside. If the index is below the threshold, investors lose about 1.1765% of principal for every 1% the index falls below the threshold, and could lose all principal.

The notes are unsecured obligations of Bank of Montreal, are not insured or bail-inable, will not be listed on any exchange, and carried an estimated initial value of $994.81 per $1,000 at pricing, reflecting embedded costs and hedging. Credit risk, limited liquidity, complex tax treatment and principal-at-risk exposure are highlighted as key risks.

Bank of Montreal is offering senior unsecured Market Linked Securities that are auto-callable and linked to the common stock of Apple, Intel and JPMorgan Chase. Each note has a $1,000 face amount, original offering price of $1,000 and an estimated initial value of $949.12.

The notes pay a 20.60% per annum contingent coupon, evaluated quarterly, only if the lowest performing stock on the calculation day is at or above 60% of its starting value. Missed coupons have a “memory” and can be paid later if the test is met.

The notes are auto-called if the lowest performing stock is at or above its starting value on certain quarterly dates, returning the $1,000 face amount plus the applicable coupon(s). If not called, and on the final calculation day the lowest performer is below 60% of its starting value, principal is reduced in line with that stock’s loss, and holders can lose more than 40% and up to all of principal.

The securities are unsecured obligations of Bank of Montreal, not insured by any government agency and not listed on an exchange, so liquidity may be limited. U.S. tax treatment is complex, and coupons to non‑U.S. holders are generally subject to 30% withholding.

Bank of Montreal is offering $993,000 of Senior Medium-Term Notes, Series K, Capped Buffer Enhanced Return Notes due February 11, 2028, linked to the State Street SPDR S&P Metals & Mining ETF (XME). The notes provide 150% leveraged upside, but gains are capped at a 40.40% maximum return, or a maximum redemption of $1,404 per $1,000 of principal.

If XME falls up to 15%, investors receive full principal back; beyond that, they lose 1% of principal for each additional 1% decline, with losses up to 85%. The notes pay no interest, are not exchange listed, and are unsecured obligations subject to Bank of Montreal’s credit risk. The estimated initial fair value is $968.67 per $1,000, below the public issue price, reflecting offering and hedging costs.

Bank of Montreal is offering US$425,000 of Senior Medium-Term Notes, Series K Capped Buffer Enhanced Return Notes due February 11, 2028, linked to the S&P 500® Futures Excess Return Index. The notes provide 125.00% leveraged upside to index gains, but returns are capped at a Maximum Redemption Amount of $1,246.00 per $1,000 (a 24.60% maximum return).

A 15.00% downside buffer protects principal only if the index decline does not exceed this level; below the buffer, investors lose 1% of principal for each additional 1% drop, with up to an 85.00% loss of principal possible. The notes pay no interest, are unsecured obligations subject to the credit risk of Bank of Montreal, and will not be listed on any exchange. The estimated initial value is $965.38 per $1,000, below the $1,000 price to the public, reflecting offering, structuring and hedging costs.

Bank of Montreal is offering US$997,000 of senior market-linked notes due February 12, 2029, tied to the S&P 500 Index. The notes provide 1‑to‑1 upside on index gains with an Upside Leverage Factor of 100%, but returns are capped at a Maximum Return of 20.25%, or a Maximum Redemption Amount of $1,202.50 per $1,000.

If the S&P 500 ends at or below its initial level of 6,932.30 on the valuation date, investors receive only their $1,000 principal, so there is no downside participation but also no interest payments. The price to the public is 100%, with a 0.75% selling commission and 99.25% of proceeds to Bank of Montreal. The estimated initial value is $987.20 per $1,000, reflecting embedded fees and hedging costs.

The notes are unsecured obligations subject to Bank of Montreal’s credit risk, will not be listed on an exchange, and may have limited or no secondary market. U.S. investors are expected to be taxed under contingent payment debt instrument rules, recognizing ordinary income over the life of the notes regardless of cash receipts.

Bank of Montreal is issuing US$6,000,000 of senior Medium-Term Notes, Series K, structured as autocallable barrier notes due February 11, 2028. The notes pay a contingent coupon of 1.1042% per month (about 13.25% per year) only if on each observation date all three reference indices—the EURO STOXX 50, NASDAQ-100 and Russell 2000—are at or above their respective coupon barrier levels, set at 70% of initial levels.

Beginning August 6, 2026, the notes are automatically redeemed if each index is at or above its initial level, returning principal plus that month’s coupon. If not called, principal repayment at maturity depends on the least-performing index. If any index closes below its trigger level—65% of its initial level—on any day during the monitoring period and its final level is below its initial level, investors lose principal in line with that index’s decline, up to a total loss. The notes are unsecured obligations of Bank of Montreal, with an estimated initial value of $988.09 per $1,000 in principal amount, reflecting structuring and hedging costs.

Bank of Montreal is offering $2,000,000 of senior Medium-Term Notes, Series K, structured as Autocallable Barrier Notes with Memory Coupons due May 11, 2027. The notes are linked to the least performing of the S&P 500 Index, NASDAQ-100 Index and Russell 2000 Index.

Investors may receive monthly contingent coupons of 0.95% (about 11.40% per year), but only if on each observation date all three indices close at or above their coupon barrier levels set at 70% of initial levels. Missed coupons can be paid later under the memory feature if the barriers are met on a future observation date.

Beginning August 6, 2026, the notes are automatically redeemed if each index is at or above its initial level, returning principal plus any due coupons. If the notes are not called and any index ever closes below its 65% trigger level during the monitoring period, and the least performing index finishes below its initial level on the valuation date, principal is reduced one-for-one with the index loss and can fall to zero. The estimated initial value is $987.56 per $1,000 in principal, reflecting structuring and hedging costs, and the notes are unsecured obligations of Bank of Montreal.

Bank of Montreal is offering US$1,130,000 of Senior Medium-Term Notes, Series K, callable barrier notes with contingent coupons due January 11, 2028. The notes are linked to the least performing of VanEck Junior Gold Miners ETF (GDXJ), SPDR S&P Regional Banking ETF (KRE) and the Nasdaq-100 Technology Sector Index (NDXT).

The notes pay a contingent coupon of 1.9167% per month (approximately 23.00% per annum) for each US$1,000 in principal, but only if on an observation date each reference asset is at or above its coupon barrier level, set at 70% of its initial level. Beginning November 9, 2026, Bank of Montreal may call the notes in whole on any observation date, returning principal plus any due coupon.

If the notes are not called, at maturity investors receive US$1,000 per US$1,000 principal unless a trigger event occurs. A trigger event occurs if on the valuation date any reference asset is below its trigger level, set at 60% of its initial level. In that case, repayment is reduced in line with the percentage decline of the least performing asset and can be zero. The estimated initial value is US$979.22 per US$1,000, below the price to the public, reflecting fees and hedging costs, and the notes are unsecured, uninsured obligations subject to the detailed risks described in the accompanying documents.

Bank of Montreal is offering US$1,916,000 of senior medium-term Autocallable Buffer Notes due February 11, 2030, linked to the worst performer of SPDR Gold Trust (GLD) and iShares Silver Trust (SLV).

The notes can be automatically redeemed from February 11, 2027 onward if both GLD and SLV are at or above 90% of their initial levels, paying principal plus a step-up Call Amount that equates to a 17.25% per annum return. If held to maturity and not called, investors are protected against losses as long as the least-performing asset is not below 70% of its initial level; below that buffer, principal is reduced 1% for each 1% decline beyond 30%. The estimated initial value is $953.58 per $1,000 of principal, reflecting structuring and hedging costs.

Bank of Montreal is issuing $3,052,000 of Senior Medium-Term Notes, Series K, due January 11, 2028. These are callable barrier notes with contingent monthly coupons linked to the least-performing of VanEck Junior Gold Miners ETF (GDXJ), SPDR S&P Regional Banking ETF (KRE) and the Nasdaq-100 Technology Sector Index (NDXT).

The notes pay a contingent coupon of 1.6792% per month (approximately 20.15% per annum) when each reference asset stays at or above its coupon barrier, set at 70% of its initial level. Principal is protected at maturity only if no trigger event occurs; the trigger levels are 60% of initial levels. If any reference asset finishes below its trigger level, repayment of principal is reduced one-for-one with the loss on the worst performer and can fall to zero.

Bank of Montreal may call the notes in whole, but not in part, on monthly observation dates starting May 6, 2027, returning principal plus any coupon due. The estimated initial value is $978.13 per $1,000 of principal, reflecting hedging costs, commissions and the issuer’s funding spread. The notes are unsecured obligations, not insured deposits, and involve complex market, credit and structural risks highlighted in the risk sections.

Bank of Montreal is offering US$833,000 of senior medium-term callable barrier notes due August 11, 2027, linked to the least-performing of the S&P 500, Russell 2000 and Nasdaq-100 Technology Sector indices.

The notes pay a contingent coupon of 0.7417% per month (approximately 8.90% per year), or $7.417 per $1,000, but only if on each observation date all three indices close at or above their coupon barrier levels, set at 70% of their initial levels.

Beginning May 6, 2026, the issuer may call the notes in whole on any observation date, returning principal plus any due coupon. If the notes are not called and any index finishes below its 70% trigger level on the valuation date, repayment of principal is reduced in line with the worst-performing index and can fall to zero. The notes are unsecured obligations, carry complex U.S. tax treatment as pre-paid contingent income-bearing derivative contracts, and have an estimated initial value of $968.24 per $1,000, below the public offering price.

Bank of Montreal is issuing US$2,006,000 of Senior Medium-Term Notes, Series K, as autocallable buffer notes linked to SPDR® Gold Trust (GLD) and iShares® Silver Trust (SLV), due February 11, 2030. The notes are unsecured obligations of Bank of Montreal.

The notes can be automatically redeemed starting February 11, 2027 if the closing level of each ETF is at or above 90% of its initial level, paying principal plus a step-up Call Amount that equates to a 15.00% per annum return. If never called, payment at maturity depends on the worst ETF.

Investors receive full principal at maturity only if the least-performing ETF does not fall more than 30.00% from its initial level. Below this 30.00% buffer, redemption is reduced dollar-for-dollar, with potential loss of up to 70.00% of principal. The public issue price is 100% of principal, while the estimated initial value is $934.94 per $1,000, reflecting structuring and hedging costs. No physical delivery of GLD or SLV shares is available; all payments are in cash.

Bank of Montreal is offering US$1,501,000 of Senior Medium-Term Notes, Series K, autocallable barrier notes due February 11, 2028, linked to Honeywell stock and the Industrial Select Sector SPDR ETF. The notes pay a monthly coupon of 0.655% (about 7.86% per year) and can be automatically redeemed starting February 8, 2027 if each reference asset is at or above its initial level. If not called, investors receive full principal at maturity unless either asset finishes below a 65% trigger level, in which case repayment is reduced in line with the worst performer and can fall to zero. The estimated initial value is $983.77 per $1,000, reflecting structuring and hedging costs, and the notes are unsecured obligations of Bank of Montreal.

Bank of Montreal is offering US$3,985,000 of Senior Medium-Term Notes, Series K, in the form of autocallable barrier notes linked to the State Street SPDR S&P Regional Banking ETF (ticker "KRE"). The notes pay a contingent coupon of 2.25% per quarter (about 9.00% per year) when the ETF closes at or above the coupon barrier of $51.54, which is 70.00% of the initial level of $73.63.

Beginning May 07, 2026, the notes are automatically redeemed if KRE closes above the initial level on an observation date, returning principal plus the applicable coupon. If the notes are not called and KRE finishes below the $51.54 trigger level on the February 07, 2029 valuation date, investors lose principal in line with the ETF’s decline, and the maturity payment can be zero. The notes are unsecured obligations of Bank of Montreal, not insured deposits, and the estimated initial value is $968.90 per $1,000 in principal amount.

Bank of Montreal is issuing $1,251,000 of Senior Medium-Term Notes, Series K, barrier notes due June 12, 2028, linked to the least performing of Alphabet Inc. Class C shares (GOOG) and the S&P 500 Index (SPX). The notes pay a fixed coupon of 0.705% per month (about 8.46% per year, or $7.05 per $1,000) on the 12th of each month from March 12, 2026 to maturity.

At maturity, investors receive $1,000 per $1,000 in principal unless a trigger event occurs. A trigger event happens if, on the valuation date, the final level of either reference asset is below 55% of its initial level (GOOG trigger $182.23, SPX trigger 3,739.12). If triggered, repayment is reduced in proportion to the loss of the worst-performing asset and can fall to zero, although the final coupon is still paid. The notes are unsecured obligations of Bank of Montreal, not insured by any deposit insurance agency. The estimated initial value is $985.68 per $1,000 of principal, reflecting structuring and hedging costs.

Bank of Montreal is issuing US$2,843,000 of senior medium-term Autocallable Barrier Notes due February 12, 2029, linked to the common stock of The Goldman Sachs Group, Inc. The notes are unsecured obligations with no deposit insurance protection.

Investors can receive contingent coupons at a rate of 2.75% per quarter (about 11.00% per year) if Goldman Sachs’ share price on each observation date is at or above a coupon barrier of $650.13, which is 70.00% of the $928.75 initial level. Beginning May 7, 2026, the notes are automatically redeemed if the stock closes above the initial level, returning principal plus the applicable coupon.

If the notes are not called and Goldman Sachs’ final level is below the $650.13 trigger level, principal is reduced in line with the stock’s percentage loss and can fall to zero. The price to the public is 100% of principal, with a 2.00% selling commission and proceeds to Bank of Montreal of 98.00%. The estimated initial value is $971.04 per $1,000, reflecting structuring and hedging costs.

Bank of Montreal is offering senior medium-term, auto-callable, principal-at-risk securities linked to the U.S. Global Jets ETF, with a $1,000 face amount per security and no periodic interest.

The notes can be automatically called on scheduled dates from March 2027 to February 2029 if the ETF’s closing value is at or above a threshold equal to 85% of the starting value. In that case, investors receive $1,000 plus a call premium of at least 7.13% to at least 21.39%, depending on the call date.

If the notes are never called and the ending value is below the threshold, the maturity payment equals $1,000 × (performance factor + 15% buffer), exposing investors to 1‑for‑1 downside beyond a 15% buffer and potential loss of up to 85% of principal. The estimated initial value is $964.60 per security on the preliminary date and will not be less than $914.00 at pricing, below the $1,000 offering price due to structuring, hedging costs and dealer compensation. The notes are unsecured obligations subject to Bank of Montreal’s credit risk, will not be listed on any exchange, and may have limited or no secondary market liquidity.

Bank of Montreal is offering senior unsecured medium-term notes that pay a fixed 5.05% annual interest rate in cash, with interest paid semi-annually each February 24 and August 24, starting August 24, 2026. Each Note has a $1,000 principal amount and is scheduled to mature on February 24, 2038, when holders are paid principal plus any accrued interest, unless the Notes are redeemed earlier.

The bank may redeem the Notes in whole at 100% of principal plus accrued interest on any February 24 or August 24 from 2028 through 2037. The Notes are not listed on any securities exchange, so liquidity may be limited. They are designated as bail-inable notes, meaning they can be converted into common shares of Bank of Montreal or its affiliates, or varied or extinguished, under Canadian bank resolution powers. The offering price is $1,000 per Note, including a $20 underwriting discount, resulting in $980 in proceeds to Bank of Montreal per Note sold. The Notes are not insured by any deposit insurance agency and are fully subject to the credit risk of Bank of Montreal.

Bank of Montreal is offering US$511,000 of senior medium-term Callable Barrier Notes due February 10, 2028, linked to the least performing of the S&P 500 Index, NASDAQ-100 Index and Russell 2000 Index. These unsecured notes pay a monthly contingent coupon of 0.8917% (about 10.70% per year) only if all three indices stay at or above 70% of their initial levels on each observation date.

Beginning August 5, 2026, the bank may redeem the notes in whole on any observation date, returning principal plus any due coupon. If the notes are not called and any index finishes below its 70% trigger level at maturity, repayment of principal is reduced in line with the worst index’s loss and can fall to zero. The estimated initial value is $985.13 per $1,000 principal, reflecting dealer compensation and hedging costs.

Bank of Montreal is issuing US$2,760,000 of senior autocallable barrier notes due February 12, 2029, linked to the worst performer among Microsoft, Micron Technology and NVIDIA shares. The notes are unsecured obligations of BMO and are not insured by any deposit insurance scheme.

Investors may receive quarterly contingent coupons at 6.825% per quarter (about 27.30% per year) only if each stock closes at or above its coupon barrier level, set at 55% of its initial level, on the relevant observation dates. Missed coupons can be paid later under a “memory” feature if all stocks recover above their barriers.

Beginning May 7, 2026, the notes are automatically redeemed if all three stocks are at or above their initial levels, returning principal plus any due coupons. If the notes are not called and any stock ends below its 55% trigger level at maturity, investors receive shares (or cash equivalent) of the worst-performing stock, which can be worth significantly less than principal, including a total loss. Estimated initial value is $4,778.30 per $5,000 of principal, reflecting structuring and hedging costs, and the supplement highlights extensive structural, market and tax risks.

Bank of Montreal is offering senior fixed-rate medium-term notes due February 10, 2031 that pay 4.20% per year. Each note has a $1,000 principal amount, pays interest in cash semi-annually every February 24 and August 24, and returns principal at maturity unless redeemed earlier.

The bank may redeem the notes in whole, at par plus accrued interest, on specified semi-annual dates from February 24, 2027 through August 24, 2030. The notes are unsecured, not insured by any deposit insurance scheme, will not be listed on any exchange, and may have limited secondary market liquidity. They are also bail-inable under the Canada Deposit Insurance Corporation Act, meaning they can be converted into common shares or written down in a resolution scenario, exposing holders to bank credit and resolution risk.

Bank of Montreal is offering $12,000,000 of 5.10% senior medium-term Notes, Series K, due February 10, 2038. Each Note has a $1,000 principal amount and pays fixed interest semi-annually on February 10 and August 10, starting August 10, 2026.

The bank may redeem the Notes, in whole only, at 100% of principal plus accrued interest on any February 10 or August 10 from February 10, 2028 through August 10, 2037. The Notes are unsecured, not listed on any exchange, and subject to Canadian bail-in powers, meaning they can be converted into common shares or varied or extinguished under the CDIC Act in a resolution scenario.

Underwriting discounts total $129,000, providing $11,871,000 in proceeds to Bank of Montreal. Investors face interest rate risk, credit risk, limited liquidity, potential early redemption, dealer conflicts of interest, and the possibility of bail-in conversion, as outlined in the risk considerations.

Bank of Montreal is offering $4,145,000 of S&P 500® Index-linked notes that pay no interest and are designed to be held to the April 12, 2028 maturity date.

For each $1,000 note, investors get 160% upside participation in the index, capped at a maximum settlement amount of $1,260.00. A 15.00% buffer protects principal against moderate declines, but if the index falls more than 15.00%, repayment is reduced by about 1.1765% for every 1% drop beyond the buffer, and investors can lose some or all principal.

The notes are unsecured obligations of Bank of Montreal, are not bail-inable, will not be listed on any exchange, and carry tax and valuation complexities. The initial estimated value is $996.26 per $1,000, lower than the original issue price, reflecting structuring and hedging costs.

Bank of Montreal’s MicroSectors FANG+ -3X Inverse ETNs (FNGD) are highly complex, unsecured notes that provide three-times inverse daily exposure to the NYSE FANG+ gross total return index. They pay no interest and do not protect principal, so holders can lose their entire investment.

The ETNs reset leverage daily, creating strong path dependence and a “decay” effect that can erode value even if the index is flat or declines over time. A 1‑for‑10 reverse split became effective on February 9, 2026, with 1,500,000 notes expected outstanding, each with a principal amount of $1,000,000.

Bank of Montreal may call all notes at its option, and investors can request early redemption subject to a 25,000‑note minimum and a 0.125% redemption fee. A 0.95% annual investor fee and any negative daily interest further reduce returns, making the ETNs suitable only for sophisticated, actively trading investors.

Bank of Montreal provides updated terms for its Gold Miners -3X Inverse Leveraged ETNs due June 29, 2040, linked to the S-Network MicroSectors Gold Miners Index. The notes offer daily -3x leveraged inverse exposure to ETFs GDX and GDXJ, but include a 0.95% annual Daily Investor Fee, variable Daily Interest and potential Redemption Fee.

Each note now has a $50,000 principal amount after multiple reverse splits, with 2,500,000 notes expected outstanding, representing $125,000,000,000 in aggregate principal. The product is designed only for sophisticated traders using short-term strategies, can decay rapidly over time, does not guarantee principal, and may go to zero, with all payments subject to Bank of Montreal’s credit risk.

Bank of Montreal is offering US$44,364,000 of Senior Medium-Term Notes, Series K, maturing January 26, 2029, whose return is linked to the common stock of General Dynamics Corporation. The notes pay quarterly interest of 0.25% (about 1.00% per year) on a $1,000 minimum denomination.

At maturity, holders receive either $1,000 in cash or, if the stock has risen enough, a share-based Alternative Redemption Amount equal to a Share Exchange Amount of 2.27743183 times the Final Level. Because of a 1.198 Conversion Premium Amount (a 19.80% premium), payments above $1,000 occur only if the Final Level exceeds the Initial Level of $366.5201 by more than 19.80%. The notes are unsecured obligations of Bank of Montreal, are not exchange-listed, are subject to dividend and Extraordinary Event adjustments, and had an estimated initial value of $988.20 per $1,000 on the pricing date, below the price to the public.

Bank of Montreal is offering US$1,001,000 of senior medium-term Capped Barrier Enhanced Return Notes due February 09, 2028, linked to the common stock of Salesforce, Inc. The notes provide 200.00% leveraged upside on any stock appreciation, capped at a Maximum Redemption Amount of $1,760.50 per $1,000 in principal (a 76.05% maximum return).

If Salesforce’s final stock level is below the Initial Level of $196.38 but at or above the Barrier Level of $157.10 (80.00% of the Initial Level), investors receive only their $1,000 principal. If the final level falls below the Barrier Level, repayment is reduced 1% for each 1% decline from the Initial Level, down to a possible total loss of principal.

The notes pay no interest, are unsecured obligations of Bank of Montreal, and will not be listed on any securities exchange. The estimated initial value is $983.54 per $1,000, reflecting offering, structuring, and hedging costs that make the public price higher than the bank’s internal valuation.

Bank of Montreal is issuing US$1,473,000 of Senior Medium-Term Notes, Series K, autocallable barrier notes with memory coupons due February 09, 2029. The notes are linked to the least performing of the S&P 500 Index, NASDAQ-100 Index and Russell 2000 Index.

Investors may receive contingent semiannual coupons at 4.535% (about 9.07% per year) if on an observation date each index is at or above its coupon barrier, set at 75% of its initial level. Missed coupons can be paid later under a memory feature if barriers are later met.

Beginning August 05, 2026, the notes are automatically redeemed if all three indexes are above their initial levels, returning principal plus due coupons. If held to maturity without autocall, investors receive full principal only if no trigger event occurs. A trigger event happens if any index finishes below 75% of its initial level, in which case repayment is reduced in line with the loss on the worst-performing index and can be zero. The estimated initial value is $965.75 per $1,000 principal, below the issue price, reflecting fees and hedging costs.

Bank of Montreal is offering US$3,090,000 of Senior Medium‑Term Notes, Series K, autocallable barrier notes with contingent coupons due February 09, 2029. The notes are linked to the least performing of the State Street Energy (XLE), Consumer Staples (XLP) and Real Estate (XLRE) Select Sector SPDR ETFs.

The notes pay a contingent coupon of 2.75% per quarter (about 11.00% per year) only if each ETF closes on or above its coupon barrier, set at 70% of its initial level. Starting in August 2026, the notes auto‑redeem if each ETF is at or above its initial level, returning principal plus the due coupon.

If the notes are not called and any ETF finishes below its 70% trigger level on the valuation date, repayment of principal is reduced one‑for‑one with the percentage loss of the worst‑performing ETF, potentially to zero. The estimated initial value is $976.78 per $1,000 principal, below the issue price, reflecting fees and hedging costs.

Bank of Montreal is offering US$685,000 of senior medium‑term autocallable barrier notes due February 9, 2029, linked to the least performing of the State Street Energy (XLE), Consumer Staples (XLP) and Real Estate (XLRE) Select Sector SPDR ETFs.

The notes pay a contingent coupon of 2.425% per quarter (about 9.70% per year) only if each ETF closes on or above its coupon barrier on the observation dates. Starting August 5, 2026, the notes are automatically redeemed if each ETF is at or above its initial level, returning principal plus the coupon.

If not called and no ETF finishes below its 70% trigger level, investors receive full principal at maturity plus any final coupon. If any ETF ends below its trigger level, principal is reduced in line with the loss on the worst ETF, potentially down to zero. The notes are unsecured obligations of Bank of Montreal, with an estimated initial value of $963.97 per $1,000 face amount on the pricing date.

Bank of Montreal is issuing $6,300,000 of Senior Medium-Term Notes, Series K, redeemable fixed rate notes due January 27, 2031. Each note has a $1,000 principal amount and pays 4.40% per annum, with interest paid semi-annually on February 9 and August 9, starting August 9, 2026.

The notes are callable at 100% of principal plus accrued interest on semi-annual optional redemption dates from February 9, 2027 through August 9, 2030. They are unsecured, bail-inable obligations of Bank of Montreal, not insured by any deposit insurance agency, and will not be listed on any securities exchange.

The original issue price is $1,000 per note, including a $10 underwriting discount, providing net proceeds to Bank of Montreal of $6,237,674.10. Investors face credit risk of the bank, potential bail-in conversion into common shares under the Canada Deposit Insurance Corporation Act, call risk, and limited or no secondary market liquidity.

Bank of Montreal is offering Capped Leveraged Index Return Notes linked to the MSCI Emerging Markets Index. Each note has a $10 principal amount, a term of about two years to February 2028, and is a senior unsecured obligation not insured by Canadian or U.S. deposit insurers.

The notes provide 200% leveraged upside, but returns are capped at a Capped Value between $11.65 and $12.05 per unit, representing 16.50% to 20.50% over principal. If the index finishes below 90% of its starting level, investors lose principal, down to a minimum redemption of $1 per unit in the illustrated scenarios.

The public offering price is $10.00 per unit, including a $0.20 underwriting discount and an additional hedging-related charge of $0.05 per unit. The initial estimated value is expected between $9.00 and $9.42 per unit, reflecting BMO’s internal funding rate, structuring costs, and hedging arrangements.

The notes expose investors to risks of emerging markets equities, including political and economic instability, currency restrictions, less robust legal protections, and more volatile and less liquid markets. Payments at maturity depend entirely on index performance and BMO’s credit, and the notes will not be listed on any securities exchange.

Bank of Montreal is issuing US$924,000 of senior medium-term Contingent Risk Absolute Return Buffer Notes due January 6, 2028, linked to the S&P 500 Index. These unsecured notes pay no interest and all payments depend on Bank of Montreal’s credit.

Investors get 1-to-1 upside exposure to S&P 500 gains, capped at a Maximum Redemption Amount of $1,122 per $1,000 (a 12.20% maximum return). If the index finishes below its initial level but at or above 70% of that level, holders earn a 50% leveraged positive return on the decline, up to a Maximum Downside Redemption Amount of $1,150 (15.00% return.

If the index falls more than 30% from its initial level, principal loss is 1% for each extra 1% drop, up to a 70% loss. The notes will not be listed, are sold in $1,000 minimum denominations, and are priced at 100% of principal with a 0.375% selling commission. The estimated initial value is $985.95 per $1,000.

Bank of Montreal is issuing US$4,440,000 of Senior Medium‑Term Notes, Series K, Digital Return Barrier Notes due February 9, 2027, linked to the least performing of the S&P 500 Index, Russell 2000 Index and Nasdaq‑100 Technology Sector Index.

The notes offer a fixed 10.76% digital return per $1,000 if the worst index finishes at or above 70% of its initial level. If the least performing index falls more than 30%, investors lose 1% of principal for each 1% decline and can lose their entire investment. The notes pay no interest, are unsecured obligations subject to Bank of Montreal’s credit risk, and will not be listed on an exchange. Initial estimated value is $988.31 per $1,000, with a 0.20% agent commission and 99.80% proceeds to the issuer.

Bank of Montreal is offering $711,000 of senior Medium-Term Notes, Series K, autocallable buffer notes with step-up call amounts due January 8, 2029, linked to the least performing of the VanEck Gold Miners ETF (GDX) and SPDR S&P Metals & Mining ETF (XME).

The notes can be automatically redeemed beginning February 9, 2027 if both ETFs are at or above their initial levels, paying principal plus call amounts that target about 20% per annum. If never called, a 15% downside buffer applies; below that, principal is reduced one-for-one with further declines. The estimated initial value is $937.14 per $1,000, and the notes are unsecured and not insured by deposit protection schemes.

Bank of Montreal is offering US$1,288,000 of Senior Medium-Term Notes, Series K, autocallable barrier notes with memory coupons due August 06, 2027. The notes are linked to the least performing of the S&P 500 Index, NASDAQ-100 Index and iShares Silver Trust.

Investors may receive a monthly contingent coupon of 1.3333% ($13.333 per $1,000) if on an observation date each reference asset is at or above its coupon barrier, set at 60% of its initial level. Missed coupons can be paid later under a memory feature if barriers are later met.

Beginning August 03, 2026, the notes auto-redeem if each reference asset is at or above its initial level, returning principal plus due coupons. If held to maturity without auto-call, principal is protected only if no trigger event occurs; a trigger happens if any final level is below 50% of its initial level.

If a trigger event occurs, repayment is reduced in proportion to the loss on the least performing asset, potentially resulting in loss of the entire principal. The estimated initial value is $973.14 per $1,000, below the $1,000 issue price, and the notes are unsecured, uninsured obligations of Bank of Montreal.

Bank of Montreal is issuing unsecured, equity-linked notes tied to an unequally weighted basket of five international indices: EURO STOXX 50 (38%), TOPIX (26%), FTSE 100 (17%), SMI (11%) and S&P/ASX 200 (8%). The notes have a principal amount of $1,000, an original issue price of $1,000 and total issuance of $3,925,000, and do not pay interest.

At maturity on January 7, 2028, investors receive: up to $1,240.50 per $1,000 if the basket rises enough to hit the cap level (109.62% of the initial basket level); 250% participation on positive basket returns below the cap; full principal back if the basket is down but not below the 15% buffer; and a leveraged loss of about 1.1765% of principal for each 1% the basket falls beyond the 15% buffer. The initial estimated value is $986.54 per $1,000, and the notes are not listed, not insured and fully subject to Bank of Montreal’s credit risk.

Bank of Montreal is offering $2,750,000 of senior medium-term Notes, Series K, due February 6, 2041. Each Note has a $1,000 principal amount and pays a fixed interest rate of 5.25% per annum in U.S. dollars.

Interest is paid annually on February 6, starting in 2027, until maturity or earlier redemption. Bank of Montreal may redeem the Notes, in whole but not in part, at 100% of principal plus accrued interest on quarterly Optional Redemption Dates from February 6, 2029 through November 6, 2040.

The Notes are unsecured obligations of Bank of Montreal, are not insured by any deposit insurance agency, and will not be listed on any securities exchange, so liquidity may be limited. They are bail-inable under the Canada Deposit Insurance Corporation Act and may be converted into common shares or varied or extinguished in a resolution scenario.

The original issue price is $1,000 per Note, with a $19 underwriting discount and $981 in proceeds to Bank of Montreal per Note, for total proceeds of $2,703,140. Key risks include interest rate risk, issuer credit risk, call risk, potential lack of a trading market and dealer hedging and conflicts of interest.

Bank of Montreal is offering senior, unsecured, bail-inable fixed rate notes due February 25, 2041 with a principal amount of $1,000 per Note. The Notes pay 5.20% per annum, with interest paid annually each February 25, starting in 2027.

The bank may redeem the Notes early, in whole but not in part, at 100% of principal plus accrued interest on quarterly optional redemption dates beginning February 25, 2028. If not redeemed, investors receive $1,000 per Note plus accrued interest at maturity.

The Notes are bail-inable under the Canada Deposit Insurance Corporation Act, meaning they can be converted into common shares of Bank of Montreal or its affiliates, or varied or extinguished, in a resolution scenario. They are not insured by U.S. or Canadian deposit insurance, will not be listed on any exchange, and a secondary market is not assured.

The original issue price is $1,000 per Note, including a $40 underwriting discount, resulting in $960 in proceeds to Bank of Montreal per Note. The Notes are expected to be treated as debt without original issue discount for U.S. federal tax purposes.

Bank of Montreal is offering senior Medium-Term Notes, Series K, which are bail-inable, fixed-rate debt maturing on February 25, 2036. Each Note has a $1,000 principal amount and pays 5.00% per annum, with annual interest payments each February 25 starting in 2027.

The Notes may be redeemed by Bank of Montreal, in whole but not in part, at 100% of principal plus accrued interest on quarterly call dates beginning August 25, 2027. The original issue price is $1,000 per Note, including a $30 underwriting discount, resulting in $970 in proceeds to Bank of Montreal per Note. The Notes are unsecured, not insured by any deposit insurer, will not be listed on any exchange, and are subject to Canadian bail-in powers, meaning they can be converted into common shares or varied or extinguished under the CDIC Act.

Bank of Montreal is offering Capped Leveraged Index Return Notes linked to the Russell 2000 Index, with a $10 principal amount per unit and a term to February 2028. These unsecured senior notes provide 200% leveraged upside to index gains, subject to a capped value between $11.975 and $12.375 per unit.

Investors are protected down to 90% of the Starting Value; below this Threshold Value, principal losses match index declines and can reach 90%. The initial estimated value is expected between $9.10 and $9.52 per unit, below the $10 public price, reflecting a $0.20 underwriting discount and a $0.05 hedging-related charge.

The notes are not principal-protected, are subject to BMO’s credit risk, will not be listed on any exchange, and are tied to the small-cap Russell 2000, which can be more volatile and less liquid than large-cap indices.